Scan & Pay, a new UPI payment feature from CRED
- ByStartupStory | October 1, 2022
With the introduction of its UPI payment service, “Scan & Pay,” fintech startup CRED is now directly competing with services like Google Pay, PhonePe, Paytm, and others.
The service will only be available to CRED members, who can now use any QR code to make UPI payments from the bank accounts that are linked to their CRED apps. A credit score of 750 or higher was required to join CRED.
Flavors and skins, 2x incentives on partner shops, and dynamic messaging will all be a part of the UPI payment experience. The business has also added new services, such as CRED Protect, which enables users to create an alias UPI ID in place of the standard one that includes their phone number. Additionally, CRED will make sure that the user’s money is restored to their bank account in the event that a transaction fails without the need for them to file a complaint.
CEO Kunal Shah commented on the launch by saying, “With CRED, our objective was to promote and honour good financial behaviour. We’ve had an impact on that by consistently providing people with smart ways to save, spend, and even borrow money. We are introducing Scan and Pay right now. The UPI experience, to which so many Indians have grown accustomed, will be reimagined and made even more wonderful by this feature.
A company spokesman further stated in response to the question of whether this functionality will be made available to non-CRED customers as well, “Our aim has always been to develop for trustworthy and credit-worthy consumers and that continues to be the case. Such a focus will have incredible benefits for customers and businesses. 9 million users and 2,000–2,500 retailers are currently using CRED solutions from the company.
CRED anticipates a rise in the number of merchants as scan and pay gains popularity. In contrast to other payment firms, we don’t measure merchant numbers in tonnage. We concentrate on reputable businesses that cater to the needs of CRED users. It serves no purpose to onboard everyone only for the sake of doing so, the representative continued.
The fintech company will be better able to engage and keep CRED members because they have a lot to do on the platform, according to the spokesman, even though the company declined to comment on revenue and growth data. CRED began as a platform for paying credit card bills, but it has now broadened its offerings to include a low-risk investment product called Mint, a loan product called CRED Cash, a payments suite called CRED Pay, and a shop & rewards programme by CRED store.
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